Enhancing Enterprise Ecommerce with Advanced Technologies: A Complete Guide
Overcoming Ecommerce Challenges for Enterprises with Technology
The rise of ecommerce has brought about a major shift in the retail industry, with companies now needing to focus on digitization and providing a quick, convenient, and wide selection of options to meet changing consumer demands. However, this shift has posed unique challenges for enterprise sellers. In this article, we will discuss the various problems faced by enterprise sellers and the solutions offered by Eunimart.
Challenges Faced by Enterprises in Ecommerce
Lack of Connectivity and Visibility
One of the primary issues faced by enterprises is a lack of connectivity and visibility beyond their distributors. Due to the intermediaries involved in selling enterprise products, such as large marketplaces, distributors, and resellers, enterprises have limited to no connection with the retailer or end customer, resulting in a disconnected customer experience. Eunimart offers an open-source platform for enterprise sellers to connect and integrate their tools and software, enabling seamless operations across their omnichannel presence.
Difficulty with Integration
Another challenge faced by enterprise sellers is the difficulty in integrating new commerce stacks with their existing applications. This is a significant obstacle to implementing a unified omnichannel approach across the organization, as different functions and departments within the company often operate their own channels of sales, finance, operations, marketing, and payments. As each function or sales channel is typically managed by different departments, divisions, or outsourced partners, there is a lack of standardization across processes, software, and systems. This makes it extremely difficult to implement and drive efficiencies from the disconnected processes and software, which is preventing larger brands/retailers from effectively competing with more nimble D2C brands and VC-backed marketplaces that tend to use digital channels for faster propagation.
ONDC’s Efforts to Standardize Digital Commerce
The Open Network for Digital Commerce (ONDC) is working towards resolving these issues in a number of ways. Firstly, ONDC is creating an interoperable framework that brings together buyers, sellers, applications, and regulators on a single protocol, standardizing the commerce landscape. This makes it easier for participants of all sizes and sophistication to navigate and operate in the digital commerce ecosystem.
ONDC is also making commerce technology interoperable by ensuring that buyers interact with buyer apps and sellers interact with seller apps, with no direct connection between the two. This means that when a buyer searches for a product, the search request is sent to all seller apps selling that category of goods, and the relevant sellers will respond. This allows buyers to see all sellers, across all apps, providing greater transparency and choice.
Eunimart’s Key Contributions to the ONDC Protocol
Eunimart too plays a crucial role in driving the growth and adoption of the ONDC protocol to resolve the challenges faced by enterprises in the retail industry. Eunimart is actively working towards building a comprehensive suite of solutions that caters to the needs of all network participants. One of Eunimart’s key contributions to the ONDC protocol is building the Application layer and app stack that allows retailers of all sizes to engage with the protocol. In addition, Eunimart’s open-source Omnichannel Stack enables larger retailers and chains to integrate their existing applications with the commerce stack with ease.
Eunimart is offering three key areas of the technology stack for ONDC. Firstly, it is building an app store for ONDC that includes apps such as a buyer app, seller app, logistics buyer app, logistics seller app, issues & grievances management app, and reconciliation service provider app. These apps can be white-labeled by major players, such as banks and enterprises, allowing them to go live as Network participants themselves, thereby improving the efficiency of the digital commerce ecosystem. Secondly, Eunimart is building an open-source platform for ONDC, allowing anyone to build their own apps on it and use Eunimart’s modules if needed. It saves businesses many months of work trying to redesign existing apps for ONDC. Thirdly, Eunimart is bringing AI intelligence tools to ONDC to address the lack of interoperability, including Search-as-a-Service (SaaS), Cataloguing-as-a-Service (CaaS), Dynamic Order Processing as a Service, Demand and Supply Forecasting, and Inventory Forecasting.
Eunimart offers a suite of solutions for integrating enterprise tech stacks, enabling seamless and efficient operations across an omnichannel presence.
Cataloging as a Service – Seller App
It is a technology that simplifies the management and integration of product catalogs from different marketplaces and feed management systems to ONDC. Merchants can use Eunimart’s internal product database to create catalogs by category, location, voice commands, image search, text in the local language, and more. Eunimart’s AI automatically maps data to ONDC format for merchants with existing ecommerce catalogs, using NLP and NLU to do so in real-time. The technology offers a standardized catalog schema, automatic error detection and correction, and an automatic catalog generator for creating a complete and accurate product catalog using only an image and title.
Search as a Service – Buyer app
It is a powerful tool for improving the relevance of search results of products and services. It offers intelligent search features such as natural language search, voice search, product recommendations, and personalized search results. It helps to improve the overall efficiency and effectiveness of the digital commerce ecosystem and make it successful for all network participants.
IPAAS: Integration Platform as a Service
Eunimart offers an Integration Platform as a Service (IPAAS), which is a cloud-based platform that enables businesses to integrate their various software systems and applications in a seamless and efficient manner. This solution allows businesses to connect different systems and applications together, share data, and automate processes, without the need for additional hardware or software infrastructure. Eunimart’s IPAAS solution provides a wide range of pre-built connectors and integration templates, which can be easily configured to meet the specific needs of a business. Additionally, IPAAS solutions can handle a large volume of data and can handle real-time updates, making it an ideal solution for businesses that need to integrate their systems in real-time.
Mapper Service and AI Integration
Eunimart’s AI mapper service sits within the IPAAS and uses machine learning algorithms to automatically map and match data between an ERP system and their Master Data Management System. This mapping process can be used to integrate data such as product information, inventory levels, and pricing between the two systems, allowing for real-time updates and improved data accuracy. Additionally, the AI mapper can help to identify and resolve any discrepancies or errors in the data, further enhancing the efficiency and reliability of the integration. The AI mapper can also leverage data science techniques to predict and forecast demand, helping to optimize inventory and supply chain management.
Master Data Management (MDM) for Ecommerce
The use of ERPs for ecommerce can be limited due to their lack of real-time updates, difficulty in implementing data science, and difficulty in mapping schemes to channels of sales. These limitations can make it challenging to enable advanced technologies such as AI and blockchain in ecommerce. To overcome these limitations, Eunimart offers integration between the ERP and its omnichannel platform via a middleware or Master Data Management (MDM) system. This integration allows for real-time updates, the ability to run AI, order management, inventory management, and logistics in real-time, and the easy implementation of advanced technologies such as live commerce and conversational commerce. This can help to overcome the limitations of ERPs for commerce and allows for the implementation of the five pillars of ecommerce: inventory management, order management, logistics, payments, and customer management across the organization.
Eunimart’s Master Data Management system ensures that data is consistent, accurate, and complete across all channels and platforms, which is crucial for efficient operations and a seamless customer experience. This allows businesses to avoid common issues such as out-of-stock situations, mismatched inventory levels, and incorrect pricing information. Additionally, the integration with Eunimart’s logistics network enables businesses to manage their entire supply chain from a single platform, including warehousing, order fulfillment, shipping, and tracking. This enables businesses to provide fast and reliable delivery to customers, no matter where they are located.
AI and Machine Learning for Demand Forecasting
In the age of ecommerce, data is king, and Eunimart’s advanced AI and machine learning capabilities can provide valuable insights into customer behavior, preferences, and buying patterns. This can help businesses to identify new opportunities, optimize their pricing strategies, and improve their overall operations.
Conversational Commerce with Eunimart’s Chatbot APIs
Eunimart’s AI-powered chatbots and conversational commerce tools can also help businesses to engage with customers in a more personalized and meaningful way, providing support, recommendations, and product information in real-time.
IGM Automation with Chatbot Intent and Context Engines
Eunimart’s Intelligent Global Marketplace (IGM) further enhances the chatbot intent and context engines by allowing them to be trained and localized to the enterprise’s internal Standard Operating Procedures (SOPs). This automation streamlines L1 and L2 IGM issues (ie. Levels of escalation) across internal stakeholders such as distributors, retailers, resellers, and external stakeholders such as end-users and partners. L3 issues can be directed to a customer success team for resolution.
In summary, Eunimart offers a comprehensive suite of solutions for businesses looking to optimize their ecommerce operations, supply chain management, and customer engagement. By providing an open-source platform, advanced AI and machine learning capabilities, and a global logistics network, Eunimart enables businesses of all sizes to compete on a level playing field and meet the demands of today’s digital-first consumers. Eunimart’s solutions can help businesses to achieve greater efficiency, higher customer satisfaction, and increased profitability, making it a must-have for any business looking to succeed in the rapidly-evolving world of ecommerce.